How is Max Pain Calculated?

Max Pain is calculated by determining the total dollar value of in-the-money options at each strike price. For each strike price: Calculate the difference between the current stock price and the strike price. Multiply this difference by the open interest (number of contracts) at that strike for both call and put options. Sum the values: Add together the dollar value for put options and call options at each strike price. Repeat for all strikes: Perform this calculation for every available strike price in the option chain. Identify the maximum: The strike price with the highest combined dollar value is the Max Pain price. This calculation helps identify the price level where option writers would face the maximum financial loss if the stock closes at that price on expiration day.

How Can Traders Use Max Pain in Their Strategy?

Traders can incorporate Max Pain analysis into their trading strategy in several ways: Expiration Day Trading: As option expiration approaches, traders can use Max Pain as a potential support or resistance level, as market makers may attempt to push the price toward this level. Option Selection: Understanding Max Pain helps traders choose strike prices that are less likely to be manipulated, potentially improving their option trade outcomes. Risk Management: If a stock is trading far from Max Pain before expiration, traders can anticipate potential price movement toward this level and adjust their positions accordingly. Market Sentiment Indicator: Comparing the current stock price to Max Pain can provide insights into market sentiment and potential price direction near expiration. Hedging Strategy: Option writers can use Max Pain to identify strike prices where they might face the least payout risk, helping them structure more efficient hedging strategies.

What Does Max Pain Indicate About Stock Price Movement?

Max Pain provides insights into potential stock price behavior, especially near option expiration: Price Magnet Effect: If the stock price is significantly above or below Max Pain before expiration, there may be a tendency for the price to move toward Max Pain as expiration approaches, as option writers hedge their positions. Support/Resistance Level: Max Pain can act as a psychological and technical support or resistance level, especially on expiration day, as it represents the price where maximum option value would be lost. Volatility Indicator: A large gap between current price and Max Pain may indicate higher potential volatility or price movement as expiration nears. Market Maker Activity: Significant open interest concentration around Max Pain suggests where market makers might have the most incentive to influence price movement through their hedging activities. Note: Max Pain is a theoretical concept and should be used in conjunction with other technical and fundamental analysis tools, as it does not guarantee price movement.

How Often Does Max Pain Change?

Max Pain is a dynamic value that changes continuously based on several factors: Open Interest Changes: As traders open and close option positions, the open interest at different strike prices changes, which directly affects the Max Pain calculation. Stock Price Movement: As the underlying stock price moves, different strike prices become in-the-money or out-of-the-money, altering the dollar value calculations. Time Decay: As expiration approaches, the time value of options decreases, but the intrinsic value calculations for Max Pain continue to evolve with price movements. New Option Contracts: When new strike prices are added or when significant new positions are opened, Max Pain may shift to reflect the new distribution of open interest. For accurate Max Pain analysis, traders should monitor it regularly, especially in the days leading up to expiration, as it can shift significantly as market conditions and option positions change.

What's the Difference Between Max Pain and Spot Price?

Max Pain and Spot Price are two distinct concepts that serve different purposes in options trading: Spot Price (Current Market Price): This is the current trading price of the underlying stock or index in the market. It represents the real-time value at which the asset can be bought or sold immediately. Max Pain Price: This is a calculated theoretical price level based on option open interest data. It represents the strike price where option writers would face minimum payout obligations, not necessarily where the stock is currently trading. The relationship between these two prices is crucial: when the spot price is far from Max Pain, traders may anticipate potential price movement toward Max Pain as expiration approaches. However, this is not guaranteed, and many other factors influence stock price movement.

Is Max Pain Always Accurate for Predicting Stock Price?

No, Max Pain is not always accurate and should not be used as the sole indicator for predicting stock price movement. Here's why: Market Forces: Strong fundamental news, earnings reports, or significant market events can override the Max Pain effect and drive prices in unexpected directions. Institutional Activity: Large institutional trades, algorithmic trading, and other market participants may have different objectives than minimizing option payouts. Limited Influence: While market makers may attempt to influence price toward Max Pain, their ability to do so is limited, especially in highly liquid stocks with strong directional momentum. Multiple Expirations: Stocks often have options expiring on different dates (weekly, monthly), which means multiple Max Pain levels may exist simultaneously, reducing the predictive power of any single level. Statistical Tool: Max Pain is best viewed as a statistical tool that provides context about option market dynamics rather than a guaranteed price target. Traders should use Max Pain as one of many tools in their analysis, combining it with technical analysis, fundamental analysis, and market sentiment indicators for more comprehensive decision-making.

When is Max Pain Most Relevant for Options Trading?

Max Pain becomes increasingly relevant as option expiration approaches: Last Trading Week: Max Pain analysis is most useful during the final week before expiration, when option writers are actively hedging and the "pinning effect" (price movement toward Max Pain) is most likely to occur. Expiration Day: On the day of expiration, Max Pain can serve as a key reference level, as market makers may attempt to keep the stock price near this level to minimize their payout obligations. High Open Interest: Max Pain is more reliable when there is significant open interest concentrated around specific strike prices, as this indicates where option writers have the most exposure. Low Volatility Periods: During periods of low market volatility, Max Pain may have a stronger influence, as there are fewer competing forces driving price movement. Monthly Expirations: Monthly option expirations (typically the third Friday) often show stronger Max Pain effects compared to weekly expirations, due to higher open interest and more significant market maker involvement. While Max Pain can be calculated at any time, its predictive value and practical application increase significantly as expiration approaches, making it particularly useful for short-term trading strategies focused on expiration week dynamics.

FINNIFTY

Q: What is Max Pain in Options Trading?

Max Pain, also known as the max pain price, is the strike price at which the maximum number of option contracts (both puts and calls) would expire worthless, causing the largest financial losses for option holders at expiration. This price point represents the level where option writers would experience the least payout obligation. The max pain theory suggests that as expiration approaches, market makers and option writers may attempt to influence the stock price toward this level to minimize their payout obligations, making it a significant reference point for traders analyzing option expiration dynamics.

Nifty Financial Services

27383.7 +116.60 (0.43%)

L: 27291.45 H: 27410.65

Max Pain - FINNIFTY

19 Dec 2025 02:54 PM IST

Live

Expiry

Max Pain for FINNIFTY is 27500

Historical data for FINNIFTY-27500-CE

LTP (27500 CE)

161.8 26.55

Open Interest

2050 35

Historical data for FINNIFTY-27500-PE

LTP (27500 PE)

204 -61.35

Open Interest

1517 147

Strike 23000 has a total call value of 0 versus a total put value of 258,245,325,000 Combined total value = 258,245,325,000

Strike 23100 has a total call value of 0 versus a total put value of 252,096,975,000 Combined total value = 252,096,975,000

Strike 23200 has a total call value of 0 versus a total put value of 245,948,625,000 Combined total value = 245,948,625,000

Strike 23300 has a total call value of 0 versus a total put value of 239,800,275,000 Combined total value = 239,800,275,000

Strike 23400 has a total call value of 0 versus a total put value of 233,651,925,000 Combined total value = 233,651,925,000

Strike 23500 has a total call value of 0 versus a total put value of 227,503,575,000 Combined total value = 227,503,575,000

Strike 23550 has a total call value of 0 versus a total put value of 224,436,875,000 Combined total value = 224,436,875,000

Strike 23600 has a total call value of 0 versus a total put value of 221,370,175,000 Combined total value = 221,370,175,000

Strike 23650 has a total call value of 0 versus a total put value of 218,303,475,000 Combined total value = 218,303,475,000

Strike 23700 has a total call value of 0 versus a total put value of 215,236,775,000 Combined total value = 215,236,775,000

Strike 23750 has a total call value of 0 versus a total put value of 212,170,075,000 Combined total value = 212,170,075,000

Strike 23800 has a total call value of 0 versus a total put value of 209,103,375,000 Combined total value = 209,103,375,000

Strike 23850 has a total call value of 0 versus a total put value of 206,036,675,000 Combined total value = 206,036,675,000

Strike 23900 has a total call value of 0 versus a total put value of 202,969,975,000 Combined total value = 202,969,975,000

Strike 23950 has a total call value of 0 versus a total put value of 199,903,275,000 Combined total value = 199,903,275,000

Strike 24000 has a total call value of 0 versus a total put value of 196,836,575,000 Combined total value = 196,836,575,000

Strike 24050 has a total call value of 7,800,000 versus a total put value of 193,775,075,000 Combined total value = 193,782,875,000

Strike 24100 has a total call value of 15,600,000 versus a total put value of 190,713,575,000 Combined total value = 190,729,175,000

Strike 24150 has a total call value of 23,400,000 versus a total put value of 187,654,350,000 Combined total value = 187,677,750,000

Strike 24200 has a total call value of 31,200,000 versus a total put value of 184,595,125,000 Combined total value = 184,626,325,000

Strike 24250 has a total call value of 39,650,000 versus a total put value of 181,536,550,000 Combined total value = 181,576,200,000

Strike 24300 has a total call value of 48,100,000 versus a total put value of 178,477,975,000 Combined total value = 178,526,075,000

Strike 24350 has a total call value of 56,550,000 versus a total put value of 175,420,050,000 Combined total value = 175,476,600,000

Strike 24400 has a total call value of 65,000,000 versus a total put value of 172,362,125,000 Combined total value = 172,427,125,000

Strike 24450 has a total call value of 73,450,000 versus a total put value of 169,305,175,000 Combined total value = 169,378,625,000

Strike 24500 has a total call value of 81,900,000 versus a total put value of 166,248,225,000 Combined total value = 166,330,125,000

Strike 24550 has a total call value of 90,350,000 versus a total put value of 163,193,225,000 Combined total value = 163,283,575,000

Strike 24600 has a total call value of 98,800,000 versus a total put value of 160,138,225,000 Combined total value = 160,237,025,000

Strike 24650 has a total call value of 107,250,000 versus a total put value of 157,083,225,000 Combined total value = 157,190,475,000

Strike 24700 has a total call value of 115,700,000 versus a total put value of 154,028,225,000 Combined total value = 154,143,925,000

Strike 24750 has a total call value of 124,150,000 versus a total put value of 150,976,475,000 Combined total value = 151,100,625,000

Strike 24800 has a total call value of 132,600,000 versus a total put value of 147,924,725,000 Combined total value = 148,057,325,000

Strike 24850 has a total call value of 141,050,000 versus a total put value of 144,872,975,000 Combined total value = 145,014,025,000

Strike 24900 has a total call value of 149,500,000 versus a total put value of 141,821,225,000 Combined total value = 141,970,725,000

Strike 24950 has a total call value of 157,950,000 versus a total put value of 138,769,475,000 Combined total value = 138,927,425,000

Strike 25000 has a total call value of 166,400,000 versus a total put value of 135,717,725,000 Combined total value = 135,884,125,000

Strike 25050 has a total call value of 177,450,000 versus a total put value of 132,684,175,000 Combined total value = 132,861,625,000

Strike 25100 has a total call value of 188,500,000 versus a total put value of 129,650,625,000 Combined total value = 129,839,125,000

Strike 25150 has a total call value of 199,550,000 versus a total put value of 126,617,075,000 Combined total value = 126,816,625,000

Strike 25200 has a total call value of 210,600,000 versus a total put value of 123,583,525,000 Combined total value = 123,794,125,000

Strike 25250 has a total call value of 221,650,000 versus a total put value of 120,549,975,000 Combined total value = 120,771,625,000

Strike 25300 has a total call value of 232,700,000 versus a total put value of 117,516,425,000 Combined total value = 117,749,125,000

Strike 25350 has a total call value of 243,750,000 versus a total put value of 114,482,875,000 Combined total value = 114,726,625,000

Strike 25400 has a total call value of 254,800,000 versus a total put value of 111,449,325,000 Combined total value = 111,704,125,000

Strike 25450 has a total call value of 265,850,000 versus a total put value of 108,416,425,000 Combined total value = 108,682,275,000

Strike 25500 has a total call value of 276,900,000 versus a total put value of 105,383,525,000 Combined total value = 105,660,425,000

Strike 25550 has a total call value of 287,950,000 versus a total put value of 102,363,950,000 Combined total value = 102,651,900,000

Strike 25600 has a total call value of 299,000,000 versus a total put value of 99,344,375,000 Combined total value = 99,643,375,000

Strike 25650 has a total call value of 310,050,000 versus a total put value of 96,338,125,000 Combined total value = 96,648,175,000

Strike 25700 has a total call value of 321,100,000 versus a total put value of 93,331,875,000 Combined total value = 93,652,975,000

Strike 25750 has a total call value of 332,150,000 versus a total put value of 90,360,400,000 Combined total value = 90,692,550,000

Strike 25800 has a total call value of 343,200,000 versus a total put value of 87,388,925,000 Combined total value = 87,732,125,000

Strike 25850 has a total call value of 354,250,000 versus a total put value of 84,457,425,000 Combined total value = 84,811,675,000

Strike 25900 has a total call value of 365,300,000 versus a total put value of 81,525,925,000 Combined total value = 81,891,225,000

Strike 25950 has a total call value of 376,350,000 versus a total put value of 78,611,325,000 Combined total value = 78,987,675,000

Strike 26000 has a total call value of 387,400,000 versus a total put value of 75,696,725,000 Combined total value = 76,084,125,000

Strike 26050 has a total call value of 400,075,000 versus a total put value of 72,913,425,000 Combined total value = 73,313,500,000

Strike 26100 has a total call value of 412,750,000 versus a total put value of 70,135,000,000 Combined total value = 70,547,750,000

Strike 26150 has a total call value of 425,425,000 versus a total put value of 67,384,850,000 Combined total value = 67,810,275,000

Strike 26200 has a total call value of 438,100,000 versus a total put value of 64,640,875,000 Combined total value = 65,078,975,000

Strike 26250 has a total call value of 450,775,000 versus a total put value of 61,992,450,000 Combined total value = 62,443,225,000

Strike 26300 has a total call value of 463,450,000 versus a total put value of 59,344,025,000 Combined total value = 59,807,475,000

Strike 26350 has a total call value of 476,125,000 versus a total put value of 56,695,600,000 Combined total value = 57,171,725,000

Strike 26400 has a total call value of 489,125,000 versus a total put value of 54,047,175,000 Combined total value = 54,536,300,000

Strike 26450 has a total call value of 502,125,000 versus a total put value of 51,398,750,000 Combined total value = 51,900,875,000

Strike 26500 has a total call value of 515,125,000 versus a total put value of 48,750,325,000 Combined total value = 49,265,450,000

Strike 26550 has a total call value of 531,050,000 versus a total put value of 46,251,725,000 Combined total value = 46,782,775,000

Strike 26600 has a total call value of 546,975,000 versus a total put value of 43,753,125,000 Combined total value = 44,300,100,000

Strike 26650 has a total call value of 562,900,000 versus a total put value of 41,254,525,000 Combined total value = 41,817,425,000

Strike 26700 has a total call value of 578,825,000 versus a total put value of 38,755,925,000 Combined total value = 39,334,750,000

Strike 26750 has a total call value of 594,750,000 versus a total put value of 36,297,950,000 Combined total value = 36,892,700,000

Strike 26800 has a total call value of 610,675,000 versus a total put value of 33,850,700,000 Combined total value = 34,461,375,000

Strike 26850 has a total call value of 626,600,000 versus a total put value of 31,436,600,000 Combined total value = 32,063,200,000

Strike 26900 has a total call value of 642,525,000 versus a total put value of 29,022,500,000 Combined total value = 29,665,025,000

Strike 26950 has a total call value of 658,450,000 versus a total put value of 26,667,550,000 Combined total value = 27,326,000,000

Strike 27000 has a total call value of 674,375,000 versus a total put value of 24,329,500,000 Combined total value = 25,003,875,000

Strike 27050 has a total call value of 705,575,000 versus a total put value of 22,116,900,000 Combined total value = 22,822,475,000

Strike 27100 has a total call value of 736,775,000 versus a total put value of 19,904,625,000 Combined total value = 20,641,400,000

Strike 27150 has a total call value of 768,950,000 versus a total put value of 17,798,300,000 Combined total value = 18,567,250,000

Strike 27200 has a total call value of 805,675,000 versus a total put value of 15,702,375,000 Combined total value = 16,508,050,000

Strike 27250 has a total call value of 914,225,000 versus a total put value of 13,738,725,000 Combined total value = 14,652,950,000

Strike 27300 has a total call value of 1,046,500,000 versus a total put value of 11,809,200,000 Combined total value = 12,855,700,000

Strike 27350 has a total call value of 1,276,275,000 versus a total put value of 10,184,200,000 Combined total value = 11,460,475,000

Strike 27400 has a total call value of 1,548,625,000 versus a total put value of 8,624,200,000 Combined total value = 10,172,825,000

Strike 27450 has a total call value of 1,997,450,000 versus a total put value of 7,250,100,000 Combined total value = 9,247,550,000

Strike 27500 has a total call value of 2,489,175,000 versus a total put value of 5,898,100,000 Combined total value = 8,387,275,000

Strike 27550 has a total call value of 3,647,150,000 versus a total put value of 5,039,125,000 Combined total value = 8,686,275,000

Strike 27600 has a total call value of 4,846,075,000 versus a total put value of 4,215,900,000 Combined total value = 9,061,975,000

Strike 27650 has a total call value of 6,489,275,000 versus a total put value of 3,543,800,000 Combined total value = 10,033,075,000

Strike 27700 has a total call value of 8,185,450,000 versus a total put value of 2,908,425,000 Combined total value = 11,093,875,000

Strike 27750 has a total call value of 10,145,850,000 versus a total put value of 2,364,050,000 Combined total value = 12,509,900,000

Strike 27800 has a total call value of 12,163,450,000 versus a total put value of 1,847,625,000 Combined total value = 14,011,075,000

Strike 27850 has a total call value of 14,403,675,000 versus a total put value of 1,432,600,000 Combined total value = 15,836,275,000

Strike 27900 has a total call value of 16,700,775,000 versus a total put value of 1,064,050,000 Combined total value = 17,764,825,000

Strike 27950 has a total call value of 19,141,200,000 versus a total put value of 770,250,000 Combined total value = 19,911,450,000

Strike 28000 has a total call value of 21,638,500,000 versus a total put value of 489,775,000 Combined total value = 22,128,275,000

Strike 28050 has a total call value of 24,600,550,000 versus a total put value of 354,575,000 Combined total value = 24,955,125,000

Strike 28100 has a total call value of 27,610,050,000 versus a total put value of 228,800,000 Combined total value = 27,838,850,000

Strike 28150 has a total call value of 30,758,650,000 versus a total put value of 139,100,000 Combined total value = 30,897,750,000

Strike 28200 has a total call value of 33,939,425,000 versus a total put value of 55,250,000 Combined total value = 33,994,675,000

Strike 28250 has a total call value of 37,432,525,000 versus a total put value of 42,250,000 Combined total value = 37,474,775,000

Strike 28300 has a total call value of 40,978,600,000 versus a total put value of 33,800,000 Combined total value = 41,012,400,000

Strike 28350 has a total call value of 44,638,750,000 versus a total put value of 25,350,000 Combined total value = 44,664,100,000

Strike 28400 has a total call value of 48,314,500,000 versus a total put value of 16,900,000 Combined total value = 48,331,400,000

Strike 28450 has a total call value of 52,033,150,000 versus a total put value of 8,450,000 Combined total value = 52,041,600,000

Strike 28500 has a total call value of 55,778,450,000 versus a total put value of 0 Combined total value = 55,778,450,000

Strike 28550 has a total call value of 59,776,275,000 versus a total put value of 0 Combined total value = 59,776,275,000

Strike 28600 has a total call value of 63,778,650,000 versus a total put value of 0 Combined total value = 63,778,650,000

Strike 28650 has a total call value of 67,879,825,000 versus a total put value of 0 Combined total value = 67,879,825,000

Strike 28700 has a total call value of 72,007,650,000 versus a total put value of 0 Combined total value = 72,007,650,000

Strike 28750 has a total call value of 76,145,225,000 versus a total put value of 0 Combined total value = 76,145,225,000

Strike 28800 has a total call value of 80,296,450,000 versus a total put value of 0 Combined total value = 80,296,450,000

Strike 28850 has a total call value of 84,488,950,000 versus a total put value of 0 Combined total value = 84,488,950,000

Strike 28900 has a total call value of 88,683,075,000 versus a total put value of 0 Combined total value = 88,683,075,000

Strike 28950 has a total call value of 92,887,275,000 versus a total put value of 0 Combined total value = 92,887,275,000

Strike 29000 has a total call value of 97,095,700,000 versus a total put value of 0 Combined total value = 97,095,700,000

Strike 29050 has a total call value of 101,582,000,000 versus a total put value of 0 Combined total value = 101,582,000,000

Strike 29100 has a total call value of 106,074,800,000 versus a total put value of 0 Combined total value = 106,074,800,000

Strike 29150 has a total call value of 110,567,600,000 versus a total put value of 0 Combined total value = 110,567,600,000

Strike 29200 has a total call value of 115,060,400,000 versus a total put value of 0 Combined total value = 115,060,400,000

Strike 29250 has a total call value of 119,586,350,000 versus a total put value of 0 Combined total value = 119,586,350,000

Strike 29300 has a total call value of 124,112,300,000 versus a total put value of 0 Combined total value = 124,112,300,000

Strike 29350 has a total call value of 128,638,250,000 versus a total put value of 0 Combined total value = 128,638,250,000

Strike 29400 has a total call value of 133,164,200,000 versus a total put value of 0 Combined total value = 133,164,200,000

Strike 29450 has a total call value of 137,693,725,000 versus a total put value of 0 Combined total value = 137,693,725,000

Strike 29500 has a total call value of 142,223,250,000 versus a total put value of 0 Combined total value = 142,223,250,000

Strike 29550 has a total call value of 146,834,025,000 versus a total put value of 0 Combined total value = 146,834,025,000

Strike 29600 has a total call value of 151,444,800,000 versus a total put value of 0 Combined total value = 151,444,800,000

Strike 29650 has a total call value of 156,134,875,000 versus a total put value of 0 Combined total value = 156,134,875,000

Strike 29700 has a total call value of 160,824,950,000 versus a total put value of 0 Combined total value = 160,824,950,000

Strike 29750 has a total call value of 165,516,000,000 versus a total put value of 0 Combined total value = 165,516,000,000

Strike 29800 has a total call value of 170,207,050,000 versus a total put value of 0 Combined total value = 170,207,050,000

Strike 29850 has a total call value of 174,902,000,000 versus a total put value of 0 Combined total value = 174,902,000,000

Strike 29900 has a total call value of 179,596,950,000 versus a total put value of 0 Combined total value = 179,596,950,000

Strike 29950 has a total call value of 184,299,050,000 versus a total put value of 0 Combined total value = 184,299,050,000

Strike 30000 has a total call value of 189,001,150,000 versus a total put value of 0 Combined total value = 189,001,150,000

Strike 30050 has a total call value of 193,712,025,000 versus a total put value of 0 Combined total value = 193,712,025,000

Strike 30100 has a total call value of 198,422,900,000 versus a total put value of 0 Combined total value = 198,422,900,000

Strike 30150 has a total call value of 203,133,775,000 versus a total put value of 0 Combined total value = 203,133,775,000

Strike 30200 has a total call value of 207,844,650,000 versus a total put value of 0 Combined total value = 207,844,650,000

Strike 30250 has a total call value of 212,555,525,000 versus a total put value of 0 Combined total value = 212,555,525,000

Strike 30300 has a total call value of 217,266,400,000 versus a total put value of 0 Combined total value = 217,266,400,000

Strike 30350 has a total call value of 221,977,275,000 versus a total put value of 0 Combined total value = 221,977,275,000

Strike 30400 has a total call value of 226,688,150,000 versus a total put value of 0 Combined total value = 226,688,150,000

Strike 30450 has a total call value of 231,399,350,000 versus a total put value of 0 Combined total value = 231,399,350,000

Strike 30500 has a total call value of 236,110,550,000 versus a total put value of 0 Combined total value = 236,110,550,000

Strike 30550 has a total call value of 240,846,775,000 versus a total put value of 0 Combined total value = 240,846,775,000

Strike 30600 has a total call value of 245,583,000,000 versus a total put value of 0 Combined total value = 245,583,000,000

Strike 30650 has a total call value of 250,319,225,000 versus a total put value of 0 Combined total value = 250,319,225,000

Strike 30700 has a total call value of 255,055,450,000 versus a total put value of 0 Combined total value = 255,055,450,000

Strike 30750 has a total call value of 259,791,675,000 versus a total put value of 0 Combined total value = 259,791,675,000

Strike 30800 has a total call value of 264,527,900,000 versus a total put value of 0 Combined total value = 264,527,900,000

Strike 30850 has a total call value of 269,264,125,000 versus a total put value of 0 Combined total value = 269,264,125,000

Strike 30900 has a total call value of 274,000,350,000 versus a total put value of 0 Combined total value = 274,000,350,000

Strike 30950 has a total call value of 278,736,575,000 versus a total put value of 0 Combined total value = 278,736,575,000

Strike 31000 has a total call value of 283,472,800,000 versus a total put value of 0 Combined total value = 283,472,800,000

Max-Pain Table for Stocks

Max-Pain Table Expiry

Note:- click on symbol to see more detailed view

Max Pain Table (Stocks)
Symbol	Symbol Ltp	Max Pain
360ONE	1138.6	1140
ABB	5154	5200
ABCAPITAL	348.25	345
ADANIENSOL	987.15	980
ADANIENT	2234.2	2300
ADANIGREEN	1023.2	1020
ADANIPORTS	1495.4	1500
ALKEM	5565	5650
AMBER	6661.5	6700
AMBUJACEM	539.9	550
ANGELONE	2518.4	2550
APLAPOLLO	1817.5	1780
APOLLOHOSP	6993	7100
ASHOKLEY	173.76	164
ASIANPAINT	2787	2800
ASTRAL	1420.4	1440
AUBANK	984.5	960
AUROPHARMA	1222	1220
AXISBANK	1231.4	1240
BAJAJ-AUTO	8982.5	9000
BAJAJFINSV	2040.2	2060
BAJFINANCE	1005.5	1020
BANDHANBNK	149.78	150
BANKBARODA	291.8	290
BANKINDIA	142.86	143
BDL	1364.8	1400
BEL	391.95	400
BHARATFORG	1436.6	1400
BHARTIARTL	2094	2100
BHEL	276.35	280
BIOCON	397.75	395
BLUESTARCO	1776.9	1780
BOSCHLTD	35690	36000
BPCL	363.7	365
BRITANNIA	6106.5	6000
BSE	2690.5	2700
CAMS	757.2	780
CANBK	148.23	150
CDSL	1497.9	1560
CGPOWER	672.1	680
CHOLAFIN	1640.7	1700
CIPLA	1511.9	1520
COALINDIA	385.25	385
COFORGE	1846.6	1840
COLPAL	2105.9	2160
CONCOR	499.95	520
CROMPTON	255	265
CUMMINSIND	4378.1	4400
CYIENT	1158.4	1140
DABUR	494.4	500
DALBHARAT	2017.2	2020
DELHIVERY	406.4	410
DIVISLAB	6454.5	6450
DIXON	13181	13500
DLF	687.85	710
DMART	3817.1	3900
DRREDDY	1275	1270
EICHERMOT	7205	7150
ETERNAL	286.7	295
EXIDEIND	362.65	370
FEDERALBNK	267.75	260
FORTIS	892.3	890
GAIL	169.28	175
GLENMARK	1986.4	1940
GMRAIRPORT	101.17	102
GODREJCP	1185.4	1160
GODREJPROP	2037.1	2080
GRASIM	2813	2800
HAL	4303	4500
HAVELLS	1414.4	1440
HCLTECH	1643.1	1660
HDFCAMC	2672.4	2660
HDFCBANK	987.2	995
HDFCLIFE	763.1	770
HEROMOTOCO	5758	5850
HFCL	63.92	67
HINDALCO	851.85	820
HINDPETRO	468	460
HINDUNILVR	2280.1	2300
HINDZINC	588.15	560
HUDCO	209.91	220
ICICIBANK	1354.7	1370
ICICIGI	1949.6	1960
ICICIPRULI	649.95	630
IDEA	11.96	11
IDFCFIRSTB	84.73	82
IEX	141.5	145
IIFL	560.8	560
INDHOTEL	732	730
INDIANB	780.5	810
INDIGO	5149	5100
INDUSINDBK	844.3	850
INDUSTOWER	414.25	410
INFY	1632.7	1600
INOXWIND	125.95	130
IOC	161.81	161
IRCTC	671.5	690
IREDA	132.77	140
IRFC	112.75	116
ITC	401.6	405
JINDALSTEL	987	1020
JIOFIN	297.05	305
JSWENERGY	477.45	490
JSWSTEEL	1078.6	1120
JUBLFOOD	564.25	580
KALYANKJIL	480.65	480
KAYNES	4165	4300
KEI	4248.5	4100
KFINTECH	1073.1	1080
KOTAKBANK	2161.7	2160
KPITTECH	1225.2	1220
LAURUSLABS	1043.1	1010
LICHSGFIN	531.95	550
LICI	848	870
LODHA	1086.8	1120
LT	4075.5	4040
LTF	299.7	300
LTIM	6194.5	6100
LUPIN	2125.8	2100
M&M	3606.9	3650
MANAPPURAM	290.5	282.5
MANKIND	2165.9	2200
MARICO	742.4	740
MARUTI	16446	16300
MAXHEALTH	1079	1100
MAZDOCK	2409	2500
MCX	10310	10100
MFSL	1692.2	1680
MOTHERSON	120.6	117
MPHASIS	2888.2	2900
MUTHOOTFIN	3768	3750
NATIONALUM	277.75	272.5
NAUKRI	1342	1360
NBCC	112.78	112
NCC	155.2	165
NESTLEIND	1241.9	1240
NHPC	76.43	78
NMDC	76.09	77
NTPC	318.8	325
NUVAMA	7153	7200
NYKAA	248.7	252.5
OBEROIRLTY	1670.7	1660
OFSS	7780.5	8000
OIL	406.95	410
ONGC	232.45	237.5
PAGEIND	35820	37000
PATANJALI	558.9	550
PAYTM	1323.5	1300
PERSISTENT	6356.5	6300
PETRONET	273.65	280
PFC	337.55	355
PGEL	581.4	560
PHOENIXLTD	1830.7	1760
PIDILITIND	1455	1480
PIIND	3231.8	3350
PNB	119.65	120
PNBHOUSING	918.15	900
POLICYBZR	1887.7	1860
POLYCAB	7421	7300
POWERGRID	262.95	270
POWERINDIA	18430	18500
PPLPHARMA	170.78	175
PRESTIGE	1618	1640
RBLBANK	300.6	305
RECLTD	338.3	350
RELIANCE	1565.6	1550
RVNL	314.85	315
SAIL	125.3	130
SAMMAANCAP	144.87	155
SBICARD	865.85	870
SBILIFE	2029.4	2020
SBIN	978.9	970
SHREECEM	25640	26000
SHRIRAMFIN	900.85	880
SIEMENS	3105	3150
SOLARINDS	11884	12500
SONACOMS	497.9	500
SRF	3085.5	3000
SUNPHARMA	1746.3	1760
SUPREMEIND	3372	3400
SUZLON	52.26	54
SYNGENE	652.65	650
TATACONSUM	1183.4	1180
TATAELXSI	5427	5300
TATAMOTORS	0	320
TATAPOWER	379.7	390
TATASTEEL	168.41	170
TATATECH	653.55	670
TCS	3295.4	3240
TECHM	1612.6	1560
TIINDIA	2630	2700
TITAGARH	781.6	800
TITAN	3933.2	3880
TMPV	351.65	360
TORNTPHARM	3792.9	3750
TORNTPOWER	1279.6	1300
TRENT	4056.9	4200
TVSMOTOR	3666.4	3600
ULTRACEMCO	11507	11600
UNIONBANK	153.86	155
UNITDSPR	1410.6	1430
UNOMINDA	1260.3	1280
UPL	748.95	750
VBL	469.75	470
VEDL	578.35	555
VOLTAS	1377.2	1380
WIPRO	264.42	260
YESBANK	21.66	22
ZYDUSLIFE	918.25	930

Note:

Stock LTP > Max Pain	Bearish Trend
Stock LTP < Max Pain	Bullish Trend

Frequently Asked Questions

Max Pain, also known as the max pain price, is the strike price at which the maximum number of option contracts (both puts and calls) would expire worthless, causing the largest financial losses for option holders at expiration. This price point represents the level where option writers would experience the least payout obligation.

The max pain theory suggests that as expiration approaches, market makers and option writers may attempt to influence the stock price toward this level to minimize their payout obligations, making it a significant reference point for traders analyzing option expiration dynamics.

Max Pain is calculated by determining the total dollar value of in-the-money options at each strike price. Here's the step-by-step process:

For each strike price: Calculate the difference between the current stock price and the strike price.
Multiply by Open Interest: Multiply this difference by the open interest (number of contracts) at that strike for both call and put options.
Sum the values: Add together the dollar value for put options and call options at each strike price.
Repeat for all strikes: Perform this calculation for every available strike price in the option chain.
Identify the maximum: The strike price with the highest combined dollar value is the Max Pain price.

This calculation helps identify the price level where option writers would face the maximum financial loss if the stock closes at that price on expiration day.

Traders can incorporate Max Pain analysis into their trading strategy in several ways:

Expiration Day Trading: As option expiration approaches, traders can use Max Pain as a potential support or resistance level, as market makers may attempt to push the price toward this level.
Option Selection: Understanding Max Pain helps traders choose strike prices that are less likely to be manipulated, potentially improving their option trade outcomes.
Risk Management: If a stock is trading far from Max Pain before expiration, traders can anticipate potential price movement toward this level and adjust their positions accordingly.
Market Sentiment Indicator: Comparing the current stock price to Max Pain can provide insights into market sentiment and potential price direction near expiration.
Hedging Strategy: Option writers can use Max Pain to identify strike prices where they might face the least payout risk, helping them structure more efficient hedging strategies.

Max Pain provides insights into potential stock price behavior, especially near option expiration:

Price Magnet Effect: If the stock price is significantly above or below Max Pain before expiration, there may be a tendency for the price to move toward Max Pain as expiration approaches, as option writers hedge their positions.
Support/Resistance Level: Max Pain can act as a psychological and technical support or resistance level, especially on expiration day, as it represents the price where maximum option value would be lost.
Volatility Indicator: A large gap between current price and Max Pain may indicate higher potential volatility or price movement as expiration nears.
Market Maker Activity: Significant open interest concentration around Max Pain suggests where market makers might have the most incentive to influence price movement through their hedging activities.

Note: Max Pain is a theoretical concept and should be used in conjunction with other technical and fundamental analysis tools, as it does not guarantee price movement.

Max Pain is a dynamic value that changes continuously based on several factors:

Open Interest Changes: As traders open and close option positions, the open interest at different strike prices changes, which directly affects the Max Pain calculation.
Stock Price Movement: As the underlying stock price moves, different strike prices become in-the-money or out-of-the-money, altering the dollar value calculations.
Time Decay: As expiration approaches, the time value of options decreases, but the intrinsic value calculations for Max Pain continue to evolve with price movements.
New Option Contracts: When new strike prices are added or when significant new positions are opened, Max Pain may shift to reflect the new distribution of open interest.

For accurate Max Pain analysis, traders should monitor it regularly, especially in the days leading up to expiration, as it can shift significantly as market conditions and option positions change.

Max Pain and Spot Price are two distinct concepts that serve different purposes in options trading:

Spot Price (Current Market Price): This is the current trading price of the underlying stock or index in the market. It represents the real-time value at which the asset can be bought or sold immediately.
Max Pain Price: This is a calculated theoretical price level based on option open interest data. It represents the strike price where option writers would face minimum payout obligations, not necessarily where the stock is currently trading.

The relationship between these two prices is crucial: when the spot price is far from Max Pain, traders may anticipate potential price movement toward Max Pain as expiration approaches. However, this is not guaranteed, and many other factors influence stock price movement.

No, Max Pain is not always accurate and should not be used as the sole indicator for predicting stock price movement. Here's why:

Market Forces: Strong fundamental news, earnings reports, or significant market events can override the Max Pain effect and drive prices in unexpected directions.
Institutional Activity: Large institutional trades, algorithmic trading, and other market participants may have different objectives than minimizing option payouts.
Limited Influence: While market makers may attempt to influence price toward Max Pain, their ability to do so is limited, especially in highly liquid stocks with strong directional momentum.
Multiple Expirations: Stocks often have options expiring on different dates (weekly, monthly), which means multiple Max Pain levels may exist simultaneously, reducing the predictive power of any single level.
Statistical Tool: Max Pain is best viewed as a statistical tool that provides context about option market dynamics rather than a guaranteed price target.

Traders should use Max Pain as one of many tools in their analysis, combining it with technical analysis, fundamental analysis, and market sentiment indicators for more comprehensive decision-making.

Max Pain becomes increasingly relevant as option expiration approaches:

Last Trading Week: Max Pain analysis is most useful during the final week before expiration, when option writers are actively hedging and the "pinning effect" (price movement toward Max Pain) is most likely to occur.
Expiration Day: On the day of expiration, Max Pain can serve as a key reference level, as market makers may attempt to keep the stock price near this level to minimize their payout obligations.
High Open Interest: Max Pain is more reliable when there is significant open interest concentrated around specific strike prices, as this indicates where option writers have the most exposure.
Low Volatility Periods: During periods of low market volatility, Max Pain may have a stronger influence, as there are fewer competing forces driving price movement.
Monthly Expirations: Monthly option expirations (typically the third Friday) often show stronger Max Pain effects compared to weekly expirations, due to higher open interest and more significant market maker involvement.

While Max Pain can be calculated at any time, its predictive value and practical application increase significantly as expiration approaches, making it particularly useful for short-term trading strategies focused on expiration week dynamics.

Related Pages for FINNIFTY

FINNIFTY

360ONE

ABB

ABCAPITAL

ADANIENSOL

ADANIENT

ADANIGREEN

ADANIPORTS

ALKEM

AMBER

AMBUJACEM

ANGELONE

APLAPOLLO

APOLLOHOSP

ASHOKLEY

ASIANPAINT

ASTRAL

AUBANK

AUROPHARMA

AXISBANK

BAJAJ-AUTO

BAJAJFINSV

BAJFINANCE

BANDHANBNK

BANKBARODA

BANKEX

BANKINDIA

BANKNIFTY

BDL

BEL

BHARATFORG

BHARTIARTL

BHEL

BIOCON

BLUESTARCO

BOSCHLTD

BPCL

BRITANNIA

BSE

CAMS

CANBK

CDSL

CGPOWER

CHOLAFIN

CIPLA

COALINDIA

COFORGE

COLPAL

CONCOR

COPPER

CROMPTON

CRUDEOIL

CRUDEOILM

CUMMINSIND

CYIENT

DABUR

DALBHARAT

DELHIVERY

DIVISLAB

DIXON

DLF

DMART

DRREDDY

EICHERMOT

ETERNAL

EURINR

EURUSD

EXIDEIND

FEDERALBNK

FINNIFTY

FORTIS

GAIL

GBPINR

GBPUSD

GLENMARK

GMRAIRPORT

GODREJCP

GODREJPROP

GOLD